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City taps Fetner Properties to build new UES mixed-income tower
Half of the 330 apartments will be permanently affordable housing
The city has tapped Fetner Properties [TRDataCustom] to build a new 47-story apartment building on the Holmes Towers’ playground site in Yorkville.
The New York City Housing Authority selected Fetner to develop the 330-unit mixed-income Building On East 92nd Street between First and York avenues as part of its NextGeneration program, the agency announced on Wednesday. The program was started two years ago to develop “underutilized” public land to help the cash-strapped agency raise money for much-needed repairs and affordable housing.
The building will be constructed on a site adjacent to the Holmes Towers, the only public housing project on the Upper East Side. Late last year, residents and some public officials spoke out against the plan, arguing against the loss of the public space. But Fetner’s plan for the site includes new playgrounds that will span 14,500 square feet.
The new rental building will span 350,000 square feet, with 18,000 square feet set aside for a recreational and community center. Half of the tower’s units will be permanently affordable and rented to residents making up to 60 percent of the area median income (AMI).
In March, Fetner landed $183 million from the state and federal government to refinance a 45-story Hell’s Kitchen rental building. — Kathryn Brenzel
(To view more properties under development on the Upper East Side, click here)